MA S2042

All 17 specified economic development tax credits (including film tax credit, life sciences jobs credit, historic rehabilitation credit, low-income housing credit, and research credits) would expire within one year of the act's passage unless reauthorized by the legislature

Reauthorized tax incentives must include sunset provisions requiring expiration within 3 years, after which they must be reviewed and reauthorized again

Inspector General, in consultation with the Department of Revenue, must review each expiring tax incentive and recommend continuation, amendment, or elimination based on policy effectiveness, revenue forgone, benefits derived, and jobs created

Clawback provisions are required for all tax incentive programs, allowing the commonwealth to recoup foregone tax revenue from recipients who fail to meet stated goals and benchmarks including job creation targets

Future tax incentive proposals from the governor must include specified public policy goals, effectiveness findings, forgone revenue estimates, annual dollar caps for discretionary programs, and competitive award processes with public disclosure requirements